- Location
- Lincolnshire
- US markets – soy bounced back yesterday from the post-USDA sell off on little news other than scepticism over the NASS figures from earlier in the week. Wheat ticked slightly higher on little news, despite USD firming to a 1-week high. Corn saw little change and a small trading range yesterday, as discussion over the USDA yield continues, with a backdrop of a firm USD and record S Am shipment pace.
- Argentine farmer corn selling reportedly continues to progress strongly for old crop, for a total of 20.3m mt (16.6m mt last yr). However, new crop remains behind last years curve @ 2.4m mt (3.4m mt last yr), as heavy rains in key areas cause acreage concerns.
- Soy yield discussions continue in the US over whether or not the USDA figure of 49.9bu/ac is “correct”, with several large private forecasters still putting the figure closer to 47bu/ac.
- MATIF wheat found strength yesterday on the follow through from CBOT the night before, a slightly weaker Euro, and reports that France may double non-EU exports this season. This has been met with some contempt, basis how uncompetitive French wheat currently is.
- LIFFE found some support yesterday on the tails of MATIF, despite firmer £, as volumes continue to be poor on a backdrop of steady farmer selling.
- UK total harvest draws to an end, with the majority of main cereals now cut. Milling quality pass rates anecdotally appear to be average/good nationally, as sampling progresses and gives a clearer picture.
London Nov ’17 Settle £140.75/t – up £1.15/t from previous close
Paris Dec ’17 Settle €161.25/t – up €1.75/t from previous close
CBOT Dec ’17 Corn Settle $3.5150/bushel – up 1.25 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.4325/bushel – up 2 cents/bushel from previous close
Currency Today:
GBP EUR 1.1111
GBP USD 1.3218
EUR GBP 0.8997
EUR USD 1.1893